Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Myo
Yes - "perceived" - that's what I suspected
But it's only going to take a few hundred million to prove the point and we know there are guys out there who will lend us money as long as there are warrants attached.
So we are looking at a one year delay and meanwhile hoping no vulture fund takes us over for 7p a share ?
Still holding
Verde
Myo
When the Boulby mine was dug they went through the same rock layers and I seem to recall that they had trouble with aquifers - tried freezing, grouting etc. With the benefit of their experience plus newer technology what exactly is the perceived problem ?( yes it's a thick layer that may take months of fiddly drilling and grouting)
but surely not impossible?
Is it me or the money men that's being thick?
Verde
Verde
I listened in on the teleconference and CF stated that on one day they did 30M tunnelling, so take 5M off that and call it an "average", drop the three tunnelling machines to two, and if anyone clever is out there do a bit of maths, tunnel length is 34KM I believe not sure how far in they are currently. Any ideas on when the tunnels would complete @ 25M per day... ? (Ignore the bit about the money running out midway ) :-)
Myo
Seems getting the shafts past the aquifer is a major technical risk to some potential investors - in spite of engineers and competent persons saying it can be done.
If this is so, then once at least one shaft is sunk to the polyhalite seam, then real money can be raised. This should take 18 months from now and if the only work done in the next year and a half is TBR from Wilton and shaft sinking then the overall project is probably slowed by a year.
If the shaft sinking goes at 5m/day not 3.3m - saves 2 months and aquifer takes 3 months to get past not 5 months then things look even better.
If enough money can be raised to do this and IMO it is possible - then it will be Sirius that completes the mine and so I am staying invested.
Verde
Myo
Thanks for the summary regards shaft sinking. Most important post of the week!!!
Please continue to post on shaft progress.
Let's hope for the 13m/day and few obstacles then...….talking of digging. Heading for the shed now to dig out the push-bike and hit those quiet country lanes of North Yorkshire! Have a good day!
Myo…...I am sure that DMC will have encountered such aquifers before as an internationally renowned operator? Yes the risk is there, but these guys thrive on such challenges.
Morning Fj and Myo…….ever the optimist here. Even though I missed the 'p' off of patience. An old fella's problem eh......with his 'p'?
Really think this option opens a whole new opportunity in more ways than one. So no apology for again...……..
Re-posting Appychap's link from last night...…..shows things can be moved forward here with creativity by the bod and with a sound business case for a partner.
https://www.proactiveinvestors.co.uk/companies/news/902972/sirius-minerals-broker-sees-plausible-solutions-to-attract-strategic-investors-902972.html
Bang on there Awax. We’ll know when we know. Meanwhile I intend to hang tight and wait. I’m sure I’ve been here several times before. Strangely I still have a feeling of confidence. However, lots of people will have different views. Good job really or what a boring life we would have.:-)
All the while CF and the team are now investigating new options for the funding and better ways of bringing out the Poly4 in a profitable manner for shareholders/employees benefit. In the background there are several 'partners' in waiting, watching progress, engaging in conversations, checking the numbers ( and the risk ). CF has given all of us a sign.
Then one morning when we least expect there will be an RNS. That RNS will breathe new life into the company and bring smiles to all our faces.
I've averaged down massively, whilst tripling my holding and will be atiently waiting for the day.
John.....I don't think that a full breakdown of costs is in the public domain and yes the 500m does seem on the high side. Note that the article says that the funding does not include the full fit out, so the figure could be much less.
Also does anybody have a cost for construction of the main shaft ? Liberum seem to suggest it would cost $500m, which seems a lot ?
Have to go into London today but hoping to get time to check some of the calculations later today or tomorrow. Does anybody know how to get a copy of the brokers (Liberum) note ?
It would be useful to see how they arrive at NPV see if it matches investor presentations figures for 13mta and check the sp calculations.
The article itself is well worth a read. GLA LTH.
Re-posting Appychap's link from last night...…..shows things can be moved forward here with creativity by the bod and with a sound business case for a partner.
https://www.proactiveinvestors.co.uk/companies/news/902972/sirius-minerals-broker-sees-plausible-solutions-to-attract-strategic-investors-902972.html